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She helped get Obama elected. She organized "the best financed campaign in US history," said Bloomberg. In 2012, she was a top bundler.
She was up for Commerce Secretary before. She dropped out of the running. She focused on business priorities. She had internal disputes to resolve. Billions of dollars were involved. In 2011, eleven family members settled things.
She's damaged goods. How that affects her now remains to be seen. She ran suburban Chicago-based Superior Bank. In 2001, it collapsed. It had $2.3 billion in assets.
It was a predatory lender. It was heavily into subprime fraud. Pritzker was one of its originators. Some called her the subprime queen. For others she was the doyenne of predatory lending.
She cost FDIC $700 million. Depositors lost $65 million. She bears full responsibility. With Ernst and Young and Merrill Lynch, she originated subprime fraud.
Superior Bank operated a nationwide origination system. It was founded in 1988. Pritzker family members bought Lyons Savings. It was bankrupt.
They paid $42.5 million. They got $645 million in tax credits in return. They put up $1 million to get it. They got more. Sweetheart deal terms included all federally insured bank deposits.
They took full advantage. They concentrated on subprime lending. In December 1992, they acquired Alliance Funding. It was a wholesale mortgage originator.
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